Promise Preschool Inc

Nonprofit profile at a glance

EIN
270520300
IRS 990-EZ coverage
2010–2020
Forms available
Form 990-EZ 2020
Location
Duluth, MN, USA
Phone
2187283668
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Kindergarten, Preschool, Nursery School, Early Admissions
Affiliation
Christianity

Official website

Reported finances

Revenue
$417
Expenses
$25,550
Assets
$0

Source: IRS Form 990-EZ. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • AMY BOMAN (PRESIDENT)

People named in this filing

  • AMY BOMAN (PRESIDENT)
  • SARAH CHING (PRESCHOOL DI)
  • KELLIE WEIGEL (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990-EZ. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide a quality, child-centered christian environment where children will learn, explore and grow in their faith and development.

What it reported doing in 2020

Promise preschool strives to provide a high-quality preschool based in christian beliefs and faith the organization served children during the school year. Some children finished the schol year and were assessed to be ready for kindergarten. Promise preschool has added spanish and music lessons provided by specialized teachers during past years.

Operating model

Revenue model
Earned-program. 90% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 98
  • Transparency & Controls: 82
  • Sustainability: 2
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 93.9%; rating input score 94

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 51st percentile among comparable filings
  • Major donor itemization: Limited

Sustainability

  • Operating margin: -6,027.1%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 23.1%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: -2.9% per year; rating input score 0; 53rd percentile among comparable filings
  • Revenue growth: -5.8% per year; rating input score 0; 44th percentile among comparable filings
  • Asset growth: -1.8% per year; rating input score 0; 32nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 93.9% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $24K in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Consistency: 5 of 5 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 11 filing years from 2010 to 2020
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.